Hyundai Motor Global EV Wholesale Sales Hit The Brakes In February 2024

Hyundai Motor Company’s (Hyundai and Genesis brands) global vehicle sales in February 2024 amounted to 314,909, down 4.1% year-over-year. This affected the year-to-date result, which at 632,765 is 0.9% lower than a year ago.

The slight decrease in global sales volume is nothing compared to the significant drop in the company’s plug-in electric car sales in February, which were down by almost 46% year-over-year.

Last month, the combined wholesale shipments (which are closely related to production) of Hyundai and Genesis plug-in cars amounted to *16,482 (down 46% year-over-year). That’s the fourth consecutive decrease, but this time, the drop is the most significant we ever recorded.

The volume itself also was the lowest since March 2022. We estimate that it is around 5.2% of the automaker’s total sales volume (compared to 9.4% a year ago).

*Retail sales in South Korea plus overseas sales (based on wholesales; at the manufacturer level), unaudited and on a preliminary basis.

All-electric car volume decreased by 45% year-over-year to 13,880, including 12,859 Hyundai (down 45% year-over-year) and 1,021 Genesis (down 42% year-over-year).

Meanwhile, plug-in hybrid car volume amounted to 2,602 (up 50% year-over-year). The hydrogen fuel cell sales (Nexo model) completed the weak month with a 64% decrease to 332 units.

Wholesale plug-in car sales last month (YOY change):

• BEVs: 13,880 (down 45%) and 4.4% share
  Hyundai BEVs: 12,859 (down 45%)
  Genesis BEVs: 1,021 (down 42%)
• PHEVs (Hyundai): 2,602 (down 50%) and 0.8% share
• Total plug-ins: 16,482 (down 46%) and 5.2% share
• FCVs (Hyundai): 332 (down 64%) and 0.1% share

So far this year, the plug-in electric car wholesale shipments exceeded 35,000, down 31% year-over-year. The start of the year indicates that Hyundai Motor has experienced some challenges in regard to electrification.

Wholesale plug-in car sales year-to-date (YOY change):

• BEVs: 29,425 (down 32%) and 4.7% share
  Hyundai BEVs: 27,728 (down 31%)
  Genesis BEVs: 1,697 (down 44%)
• PHEVs (Hyundai): 5,715 (down 27%) and 0.9% share
• Total plug-ins: 35,140 (down 31%) and 5.6% share
• FCVs (Hyundai): 338 (down 75%) and 0.1% share

For reference, in 2023, plug-in electric car wholesale shipments exceeded 309,000 (up 29% year-over-year), which was about 7.4% of the total volume. All-electric car sales almost reached 260,000 (up 33% year-over-year), accounting for 6.2% of the total volume.

Interestingly, in the United States Hyundai’s all-electric car sales are growing fast.

Hyundai brand

In February, wholesale shipments of the E-GMP-based models (Hyundai Ioniq 5, performance-oriented Hyundai Ioniq 5 N, Hyundai Ioniq 6, and Genesis GV60) decreased by 50% year-over-year to 8,839. It’s the lowest level since August 2022.

The top two all-electric models in the lineup are the Ioniq 5 and Kona Electric.  The Ioniq 6 volume decreased by a stunning 90% year-over-year to 683 units.

Top models (wholesale shipments) last month and YTD (YOY change):

• E-GMP BEVs: 8,839 (down 50%) and 19,056 YTD (down 36%)
• Hyundai Ioniq 5: 6,705 (down 33%) and 15,197 YTD (down 12%)
• Hyundai Kona Electric: 4,588 (down 33%) and 9,493 YTD (down 24%)
• Hyundai Ioniq 5 N: 883 (new) and 1,868 YTD (new)
• Hyundai Ioniq 6: 683 (down 90%) and 1,170 YTD (down 89%)

The hydrogen fuel cell model—Hyundai Nexo—noted 332 units last month (down 64% year-over-year).

Genesis brand

Electrification of the Genesis brand has been going in the wrong direction recently, as the wholesale shipments amounted to 1,021 units (down 42% year-over-year).

Basically, all three Genesis models—Genesis Electrified G80, Genesis GV60, and Genesis Electrified GV70—are down.